BackIL&FS seeks EoIs for its 26% stake in ONGC Tripura
To be eligible, corporate buyers must have a minimum net worth of ₹150 crore as per the audited balance sheet as on 31 March, or laterThe proposed transaction will be managed by investment banking firms Arpwood Capital and JM Financial
PremiumMUMBAI : Infrastructure Leasing and Financial Services (IL&FS) group on Monday sought expressions of interest (EoI) from potential buyers to sell its 26% stake in gas-based power plant ONGC Tripura Power Co. Ltd, as part of its ongoing asset monetization plan.
The other shareholders in ONGC Tripura are ONGC, which holds a 50% stake, US investment fund Global Infrastructure Partners, which holds 23.5% through its fund India Infrastructure Fund-II, and the government of Tripura that holds the balance 0.5%, on a fully diluted basis.
To be eligible, corporate buyers must have a minimum net worth of ₹150 crore as per the audited balance sheet as on 31 March, or later. For investment funds, including private equity funds, assets under management in India or committed funds available for investment in companies incorporated in India should be at least ₹600 crore as on 31 March, or later.
The proposed transaction will be managed by investment banking firms Arpwood Capital and JM Financial. The last date for submitting the formal interest is 8 June. Located in Palatana, Tripura, ONGC Tripura is one of India’s largest gas-based power projects with an operational capacity of 726.6MW.
IL&FS group owes nearly ₹94,216 to its creditors, of which ₹57,000 crore is owed to banks alone, mainly public sector lenders.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
